- Summary:
- PEPE price is likely to rise further as meme coins flash signs of defying the wider market stagnation with meme coin frenzy bubbling under.
PEPE coin rose to three-week highs on Wednesday, defying a crypto market decline to hit $0.0000131 with intraday gains of 0.8 percent at the time of writing. That means that the meme coin has gained more than 7 percent in the last two days, while the rest of the market is down by 0.7 percent. The token has struggled to register 24-hour double-digit growth for the last ten days, and this could be a good sign of a potential rally. Meme coins have generally enjoyed better returns than altcoins this year, and PEPE has been the poster child of the meme coin frenzy.
Momentum indicators
According to the crypto data analytics site CoinMarketCap, PEPE’s trading volume spiked by 33 percent in the last 24 hours, signaling a strong bullish sentiment in light of price gains. As shown on the 4-hour chart below, the price is above the Volume Weighted Moving Average (VWMA) line, solidifying the bullish view. Furthermore, the RSI is at 57, which also supports control by the buyers.
Meanwhile, the price is also above the middle line on the Bollinger Bands indicator. Notably, the $0.0000120 mark aligns with the lower band. Therefore, this is a critical support mark, below which the bears could have the upper hand. The MACD indicator is marginally above the signal line, showing that the bullish control is under threat.
Support and resistance levels
The momentum on PEPE price will likely head upwards if the meme coin stays above $0.0000124. However, the upside move will likely encounter resistance at $0.0000127. Nonetheless, extended control by the bulls could breach that barrier and clear the path for further gains to test $0.0000130. Alternatively, if PEPE price moves below $0.0000124, it will favour the sellers to take control. In that case, the first support could come at $0.0000122. Further control by the sellers at that point will break the support and potentially trigger stronger downside action to test $0.0000120.
